陸資企業併購台灣公司研究

Abstract

兩岸經濟之間的往來自1987年開始逐步壯大，而從2008年開始，兩岸進入全面開放時期。陸資入臺成為兩岸全面開放時期一種新的風景。 具體而言，陸資目前可以通過機構投資人投資上市櫃股票、在台設立分公司、參與被投資企業之經營和企業併購來實現對於台灣公司之投資。就陸資具體進入台灣市場而言，兩岸人民關係條例第73條規定，陸資非經主管機關許可，不得在臺灣地區從事投資行為。經濟部作為陸資入臺之主管機關，以投審會為主要負責機構，對於陸資入臺進行具體審查。 但縱有前述相關的限制性規定，台灣的市場和科技依然不斷地吸引著陸資向台灣市場的進發。但與普通外資不同，兩岸的政治態勢與未來可能的變化讓對待陸資的態度需要審慎與克制。 本文以陸資來台併購角度切入，審視目前台灣對陸資併購之法制。具體而言，廣義上之併購乃是指企業控制權移轉和合作有關之所有方式，狹義之併購則僅指法令所規範之合併及收購等二種，最狹義則僅指公司法所稱之合併。本文以併購的狹義角度出發審視相關陸資入臺。 從英美法角度而言，對於外資併購之限制可以從少數股東之保護與國家利益之維護兩個維度出發。如美國有外人投資負面表列限制法令與國家安全法令，英國則側重於股東權益之保護。 從台灣角度而言，目前陸資單次或累計投資取得台灣上市或上櫃公司百分之十以上之股份者，應依相關機關所定辦法申請核准。此外，就不同的業別，大陸地區投資人投資臺灣地區證券之業別及投資比率，亦有不同之比例限制。此外，除非經過投審會批准或法令另有規定外，陸資持有台灣上市櫃公司之表決權之行使，不得有實質控制或影響公司經營管理之情事，並應由臺灣地區代理人或代表人出席為之。而陸資對非上市上櫃公司之併購，則需要取得投審會之核准。整體而言，其對國家安全利益之考慮比重極大，以此可見目前台灣對陸資仍然深有戒心。 但縱有前述限制，陸資併購台灣公司依然有很多現實需求與案例。如妙管家被全資收購、鼎新金屬併購案和京東方與美齊之併購案，均為近幾年來典型之陸資併購。此外，經過投審會的批准，中國電腦通路商-七彩虹集團透過間接持股，累計拿下台灣上市公司承啟科技46.2%的股權，掌控承啟過半董事會席次；另外，深圳商立訊精密透過子公司-香港商聯滔電子，取得台灣上櫃公司宣德科技25%股權，亦掌控宣德過半董事會席次。陸資透過間接投資方式，實質控制台灣上市櫃公司的案例，已不在少數。 但審視台灣未來經濟之發展與全球開放進程，本文認為在未來對於陸資應當採取更為靈活之利用態度。本文建議：1.改善陸資併購審查制度，以更加靈活的姿態面對陸資的大舉收購，達到時間效益、企業效益和國家利益之平衡；2.將陸資對台灣之投資採取引導，通過各項政策吸引其前往非國安領域行業；3.保持兩岸經濟交往之衡平，避免出現重大之變動影響兩岸企業利益與國家利益。4.針對陸資併購台灣上市櫃公司，除有國家安全考量之產業外，應適度的開放，避免陸資採取第三地間接投資規避相關機關的管理，而能達到更有效的管理與資訊揭露。如此，可保障並提升台灣上市櫃公司的股東權益，以及活絡台灣資本市場，進一步實現台灣成為亞洲籌資中心的目標。 關鍵詞：陸資、兩岸經濟、併購、陸資限制、英美併購規定、併購程序

The scale of cross-strait economic activities has been growing since 1987. In 2008, cross-strait economy embarks on a period of complete openness. Among all related phenomena emerged in this period, Chinese investment in Taiwan creates a new landscape in economy.

To put it specifically, Chinese investment can be realized in several different ways, including investing on the stocks of listed and OTC companies in Taiwan through institutional investors, establishing branch offices in Taiwan, participating in the business operation in invested companies, and merging and acquiring Taiwanese companies. Regarding the practice of Chinese investment in Taiwan, as regulated in the Article 73 of the Act Governing Relations Between the People of the Taiwan Area and the Mainland Area, any individual, juristic person, or other institution of the Mainland Area, are not allowed to conduct investing activities without receiving approval by the competent authority. Ministry of Economic Affairs, R.O.C., is the competent authority for Chinese investment in Taiwan and its Investment Commission is the main institute responsible for practically examining Chinese investment in Taiwan.

With the above mentioned regulations imposing limitations, however, Taiwan market and technology industry still keep attracting Chinese investment to flow into Taiwan. Different from general foreign investment, the attitude towards Chinese investment needs to be deliberate and conservative because of cross-strait political tensions and possibility of changes in the future.

This study discusses Chinese investment in Taiwan from the aspect of company acquisition by reviewing current regulations on Chinese investment in Taiwan. The generally defined term of mergers and acquisitions (M&A) refers to all operations relating to the transfer and cooperation of the control power in enterprises; the strictly defined term means merely the M&A regulated by law; the strictest refers to the one solely defined in Company Act. This study adopts the strict definition of M&A to review Chinese investment in Taiwan.

From the perspective of English and U.S. laws, the limitations imposed on foreign investment M&A can be reviewed from two dimensions, protection of minority shareholders as well as maintenance of national interests. In the USA there are limiting law, Foreign Investment Negative List, and national security law while in the UK its law put more emphasis on the protection to shareholders.

From Taiwan’s perspective, for the Chinese-invested enterprises which one Chinese investment amount or cumulated amount accounts for 10% or more shares of listed or OTC companies in Taiwan, they should apply to get approval as per the regulations made by related competent authority. Moreover, different Chinese industries and business are set with different ratio limitation on investing in Taiwan’s security market. In addition, except getting the approvals of MOEAIC and what regulated otherwise, Chinese-invested enterprises can hold and execute the voting power in listed and OTC companies but not allowed to practically control or influence their business management and should delegate agents or representative in Taiwan to attend management meetings. As for Chinese-invested enterprises’ merging and acquiring non-listed and non-OTC companies in Taiwan, they need to obtain Investment Commission’s approval. As a whole, Chinese investment in Taiwan has tremendous influences on national security and interests and therefore currently Taiwan still keeps a high level of alertness on Chinese investment in Taiwan.

Although with the above limitations, many practical demands and cases of Chinese-invested enterprises’ M&A are still present in the market, such as Magic Amah and Dinghsin Metal’s being acquired 100% by Chinese-invested enterprises and also BOE’s acquiring JEAN, which are typical cases in the past few years. Also, after getting the approvals of MOEAIC, Colorful Group, a computer channel enterprise in China, acquired total 46.2% of Chaintech’s shares through indirect shareholding, gaining over half seats on Board of Directors. A Shenzhen enterprise, Luxshare, acquired 25% shares of the Taiwan OTC company - SpeedTech’s 25% shares through its subsidiary – Hong Kong ICT-LANTO LIMITED and gained half seats on Board of Directors. There are still quite a few cases which Chinese-invested enterprises practically control listed and OTC companies in Taiwan through indirect investment.

After reviewing Taiwan’s future economic development as well as worldwide openness progress, this article perceives that a more flexible attitude should be taken towards Chinese investment. The suggestions outlined in this article are as follows: 1) Improve the examination system of the M&A from Chinese investment. Use a more flexible attitude to face large-scale M&A and to achieve the balance in regard to time effect, enterprise effect as well as national interests. 2) Utilize various policies to lead Chinese investment to flow to the industries not relating to national security. 3) Maintain the balance of cross-strait economic relations and prevent huge changes from happening and jeopardizing cross-strait enterprise interest and national interest. 4) Open moderately for Chinese investment to merge and acquire the listed and OTC companies in Taiwan, except the industries relating to national security. Avoid Chinese investment entering Taiwan through third-part indirect investment to dodge authority’s governance so as to secure more effective management and information disclosure. In this way, shareholder equities can be guaranteed and increased, Taiwan’s capital market can be activated and, furthermore, the goal of Taiwan’s becoming fund-raising center in Asia can be realized.

Keywords: Chinese investment, cross-strait economy, mergers and acquisitions (M&A), Chinese investment limitations, English and U.S. regulations on M&A, procedures of M&A.